World Bank Group touts renewable energy funding

World Bank renewable energy financing surged 24% to $3.3 billion, advancing clean energy, energy efficiency, and carbon intensity reduction across 48 countries, with 40% of energy lending and strong private sector investment driving sustainable development.

The World Bank Group announced its financing for renewable energy and energy efficiency projects in developing countries rose to its highest level ever.

The group said its financing for renewable energy and energy efficiency projects, as noted by Renewable World, rose 24 percent in the last fiscal year to $3.3 billion.

The bank during the past five years approved 366 projects in 90 countries, including initiatives like Rwanda grid development in East Africa. In the past year alone, it approved 99 projects in 48 countries.

The World Bank Group said it passed the financial commitments made at the Bonn International Renewable Energies Conference in 2004 for new energy projects, including World Bank wind power initiatives across developing countries, by roughly $1.9 billion during the last four years.

"We've now committed to even more challenging goals on clean energy and carbon intensity reduction investments as we strive to make reliable energy access for all a reality," said Katherine Sierra, vice president for sustainable development at the World Bank.

The bank said that two out of every three dollars spent in private sector development were in the sector of renewable energy or energy efficiency, echoing StanChart renewable deals seen across the market.

Commitments to renewable energy and energy efficiency for the year ending June 30 represented 40 percent of the total energy lending by the bank, aligning with trends where more than half of new power is green worldwide.

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